HYDE PARK CAPITAL Integrity | Expertise | Results Investment Banking | Mergers & Acquisitions | Capital Raising

John Hill

Senior Managing Director

[email protected]

(813) 383-0205

John McDonald Senior Managing Director [email protected] (813) 383-0206 Consumer & Retail

Keith Hodgdon Managing Director M&A Report [email protected] (813) 383-0208 Q3 2016 Jami Gold Vice President [email protected] (813) 383-0203

Greg Bosl Vice President [email protected] (813) 597-2649

Jeffrey Hendricks Vice President [email protected] (678) 523-3073

Kenneth Burnside Business Development Officer [email protected] (864) 905-9633

Hyde Park Capital Advisors, LLC 701 N. Franklin Street Tampa, FL 33602 Tel: 813-383-0202 www.hydeparkcapital.com Member FINRA/SIPC Capital Markets Overview – Consumer & Retail

Commentary Select Public Offerings – Consumer & Retail (Q3 2016)

($ in millions) IPO / Offering  As of September 30, 2016, the S&P 500 Retailing Index and S&P Offer Date Issuer Industry Sector Secondary Size 500 increased 14.4% and 12.7%, respectively, over the last 12 09/21/16 e.l.f. Beauty, Inc. Household Products IPO $142 month period, while the S&P 500 Consumer Durables & Apparel 09/12/16 Blue Buffalo Pet Products, Inc. Packaged Foods Secondary $355 Index declined 3.2%. 09/06/16 Ollie's Bargain Outlet Holdings, Inc. Retail Secondary $358  The table on the right illustrates select public offerings completed 08/29/16 The Coca-Cola Co. Soft Drinks Fixed Income $2,552 in Q3 2016. AdvancePierre Foods Holdings, Inc. (NYSE:APFH), 08/16/16 The Kraft Heinz Foods Co. Packaged Foods Fixed Income $14,967 which produces sandwiches, other entrees and snacks, raised $391 million in the largest IPO during the quarter. 08/04/16 Albertsons Companies, LLC Food Retail Fixed Income $1,250

08/03/16 At Home Group, Inc. Household Products IPO $130  The Beverages and Packaged Foods sectors were the industry’s leaders with respect to valuation during the 3rd quarter, trading at 07/26/16 Walgreens Boots Alliance, Inc. Drug Retail Secondary $1,208 EBITDA multiples of 17.9x and 13.7x, respectively. 07/25/16 Post Holdings, Inc. Packaged Foods Fixed Income $1,750

07/14/16 AdvancePierre Foods Holdings, Inc. Packaged Foods IPO $391

Public Market Performance (LTM) Public Company Market Performance by Sector

120% Median Change in Stock Price Enterprise Value / LTM 14.4% Industry Sector 3 Months 12 months Revenue EBITDA

110% 12.7% Specialty Retail (0.1%) 0.0% 0.7x 6.9x Department Store Retail 9.9% (22.9%) 0.5x 6.0x Discount Stores & Mass Merchants (4.4%) 6.7% 0.6x 11.1x 100% Apparel, Accessories & Footwear Retail 2.2% (6.1%) 0.6x 6.2x Apparel, Accessories & Footwear (7.6%) (10.4%) 1.2x 10.1x 3.2% Furniture & Furnishings Retail (1.9%) (3.7%) 0.6x 6.0x Furniture & Furnishings Manufacturers (5.7%) (8.5%) 0.9x 8.2x 90% Personal Care Products 3.5% 22.7% 1.7x 12.2x Household Products 1.1% 17.9% 2.2x 11.6x Recreational & Leisure Products (3.8%) 7.8% 1.6x 10.7x Restaurants (1.4%) 2.8% 1.5x 10.3x 80% Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Packaged Foods (5.1%) 20.0% 2.3x 13.7x Beverages (1.4%) 14.6% 5.8x 17.9x S&P 500 S&P 500 Retailing Index S&P 500 Consumer Durables & Apparel Index Food Retail (8.1%) (2.7%) 0.5x 7.4x Source: S&P Capital IQ

HYDE PARK CAPITAL 2 Investment Banking | Mergers & Acquisitions | Capital Raising Annual M&A Activity – Consumer & Retail

Commentary Completed U.S. M&A Transactions by Deal Size

 As detailed in the charts below, Middle Market M&A activity in the ($ in billions) Consumer & Retail industry declined during the year-to-date YTD '15 YTD '16 % Change period ended September 30, 2016, with 95 closed transactions, a Deal Size Volume Value Volume Value Volume Value 29% decrease from the 134 transactions that closed during the Less than $100M 90 $3.3 52 $2.3 (42%) (29%) prior year period. $100 - $499M 39 $8.8 37 $8.0 (5%) (10%) $500 - $999M 5 $3.1 6 $4.4 20% 40%  Despite a significant drop in deal volume, the total value of Total Middle Market 134 $15.3 95 $14.8 (29%) (4%) completed Middle Market M&A transactions in the Consumer & Retail industry fell only 4% to $14.8 billion, down from $15.3 % of Total Market Less than $100M 67% 21% 55% 16% billion during YTD ‘15. $100 - $499M 29% 58% 39% 54% $500 - $999M 4% 21% 6% 30%  YTD ’16 deal value was bolstered by transactions valued between Total Middle Market 100% 100% 100% 100% $500 million and $1 billion which represented 30% of completed transaction value, compared with 21% during the prior year period.

U.S. M&A Activity – Annual Trends: VOLUME U.S. M&A Activity – Annual Trends: VALUE

250 $35 231 221 217 $30.2 $29.0 $30 198 197 $28.2 200 190 190 192 189 $26.3 $26.3 $25.4 176 $25.1 $25

inbillions) $22.1 151 $21.7 $21.2 $21.7 150 140 134 $20 131 $18.1

$15.3 $13.9 $14.8 95 $15

100 Total Transaction Volume Transaction Total

$10 Total Transaction Value Value ($ Transaction Total 50 $5

0 $0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD '15 YTD '16 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD '15YTD '16 Less than $100M $100 - $499M $500 - $999M

Source: S&P Capital IQ (middle market includes all closed deals with disclosed deal value between $10 million and $1 billion)

HYDE PARK CAPITAL 3 Investment Banking | Mergers & Acquisitions | Capital Raising Quarterly M&A Activity – Consumer & Retail

Commentary Completed U.S. M&A Transactions by Deal Size

 As detailed in the charts below, Middle Market M&A activity in the ($ in billions) Consumer & Retail industry decreased during Q3 2016 compared Q3 2015 Q3 2016 % Change with Q3 2015. Middle Market M&A transaction volume decreased Deal Size Volume Value Volume Value Volume Value to 31 transactions, down from 48 transactions in the prior year Less than $100M 29 $1.1 17 $0.7 (41%) (31%) period. $100 - $499M 17 $3.9 13 $2.9 (24%) (26%) $500 - $999M 2 $1.4 1 $0.9 (50%) (34%)  The total value of completed Middle Market M&A transactions in Total Middle Market 48 $6.3 31 $4.5 (35%) (29%) the Consumer & Retail industry fell 29% to $4.5 billion, down from % of Total Market $6.3 billion in Q3 2015. Less than $100M 61% 17% 55% 16% $100 - $499M 35% 62% 42% 64%  We expect deal volume will increase in the Consumer and Retail $500 - $999M 4% 21% 3% 20% industry during Q4 2016 due to low consumer price index rates, Total Middle Market 100% 100% 100% 100% large amounts of disposable income, and increased consumer spending in Q4 2016.

U.S. M&A Activity – Quarterly Trends: VOLUME U.S. M&A Activity – Quarterly Trends: VALUE

80 $10

$8.8

$8 $7.5 58 $7.5 60 55 57 55 inbillions) 53 $6.7 $6.4 $6.4 $6.3 $6.3 $6.4 49 48 $6.1 $6.1 48 45 $6 43 $5.1 38 41 39 40 $4.5

31 $4 $3.6

Total Transaction Volume Transaction Total 25 25 24 $2.9 $2.8

Total Transaction Value Value ($ Transaction Total $2.5 20 $2

0 $0 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2 '15 Q3 '15 Q4'15 Q1'16 Q2'16 Q3'16 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2' 15 Q3 '15 Q4'15 Q1'16 Q2'16 Q3'16 Less than $100M $100 - $499M $500 - $999M

Source: S&P Capital IQ (middle market includes all closed deals with disclosed deal value between $10 million and $1 billion)

HYDE PARK CAPITAL 4 Investment Banking | Mergers & Acquisitions | Capital Raising Recent M&A Activity – Consumer & Retail

Select M&A Transactions (Q3 2016)

($ in millions) Announced Enterprise EV / EV / Date Target Buyer Industry Value ($mm) Revenue EBITDA

09/29/16 Petsense, Inc. Tractor Supply Co. Retail $116.0 NA NA

09/27/16 Last Call Guarantor, LLC Fun Eats and Drinks, LLC Restaurants $30.0 NA NA

09/22/16 WCI Communities, Inc. Lennar Corp. Retail $830.7 1.3x 13.7x

09/21/16 ACH Food Companies, Inc. B&G Foods North America, Inc. Food & Beverage $365.0 NA NA

Wooden Camera, Inc. Apparel, Accessories & 09/20/16 The Vitec Group, plc $35.0 NA 14.0x (Spices & Seasonings Business) Footwear

09/19/16 Arrow Uniform-Taylor, LLC UniFirst Corp. Retail $122.0 NA NA

09/06/16 Wilson Parker Homes, Inc. DR Horton, Inc. Retail $90.0 0.4x NA

Household & Personal 09/01/16 Camp Chef, Inc. Vista Outdoor, Inc. $74.0 NA NA Products

08/29/16 Delek US' Retail Assets Copec, Inc. Food & Beverage $529.0 NA NA

08/09/16 BFN Operations, LLC LM Farms, LLC Food & Beverage $15.0 0.1x NA

Household & Personal 08/08/16 Aquasana, Inc. AO Smith Corp. $87.0 NA NA Products

08/08/16 XpresSpa FORM Holdings Corp. Retail $28.7 0.7x NA

Household & Personal 08/07/16 Mattress Firm Holding Corp. Steinhoff Intl. Holdings N.V. $3,743.2 1.2x 16.0x Products Household & Personal 08/04/16 TerraVia Holdings, Inc. Tengram Capital Partners, LLC $25.3 1.1x NA Products

08/04/16 S&D Coffee, Inc. Cott Corp. Food & Beverage $355.0 NA NA

Source: S&P Capital IQ

HYDE PARK CAPITAL 5 Investment Banking | Mergers & Acquisitions | Capital Raising Recent M&A Activity – Consumer & Retail

Select M&A Transactions (Q3 2016)

($ in millions) Announced Enterprise EV / EV / Date Target Buyer Industry Value ($mm) Revenue EBITDA Apparel, Accessories & 08/02/16 Swimways Corp. Spin Master Corp. $93.5 1.0x NA Footwear Apparel, Accessories & 08/01/16 5.11, Inc. Compass Diversified Holdings, LLC $400.0 1.4x 10.5x Footwear Leshi Internet Information 07/26/16 VIZIO, Inc. Retail $1,804.0 0.6x 24.0x & Technology Corp.

07/26/16 Whitlock Packaging Corp. Refresco Group N.V. Food & Beverage $129.0 NA 7.3x

07/25/16 Outerwall, Inc. Apollo Global Management, LLC Retail $1,451.9 0.7x 3.5x

Apparel, Accessories & 07/25/16 Donna Karan Intl., Inc. G-III Apparel Group, Ltd. $650.0 NA NA Footwear Household & Personal 07/22/16 It Cosmetics, LLC L'Oreal SA $1,200.0 6.6x NA Products Household & Personal 07/21/16 PPG Industries, Inc. Vitro, S.A.B. de C.V. $750.0 NA NA Products Household & Personal 07/20/16 Dollar Shave Club, Inc. Unilever PLC $1,000.0 6.6x NA Products

07/19/16 Golden Enterprises, Inc. UTZ Quality Foods, Inc. Food & Beverage $142.4 1.0x 16.3x

Household & Personal 07/18/16 Taylor Brands, LLC Battenfeld Technologies, Inc. $85.0 2.2x NA Products KKR L.P. / 07/11/16 Ultimate Fighting Championship Entertainment $4,000.0 NA NA IMG Worldwide, Inc.

07/07/16 Total Hockey, Inc. TSG Enterprises, LLC Retail $22.5 NA NA

07/07/16 The WhiteWave Foods Co. Danone Food & Beverage $12,475.3 3.0x 24.9x

07/05/16 Hostess Brands, LLC The Gores Group Food & Beverage $2,198.4 3.5x 12.1x

Source: S&P Capital IQ

HYDE PARK CAPITAL 6 Investment Banking | Mergers & Acquisitions | Capital Raising M&A Activity by Consumer & Retail Sector

U.S. M&A Activity by Consumer & Retail Sector: VOLUME % Change

6 Restaurants 50% 3

5 Apparel, Accessories & Footwear 60% 2

7 Household & Personal Products 100% 14

9 Retail 44% 5

21 Food & Beverage 7 67%

0 5 10 15 20 25

U.S. M&A Activity by Consumer & Retail Sector: VALUE % Change

($ in millions)

$0.7 Restaurants $0.6 19%

$0.5 Apparel, Accessories & Footwear $0.5 2%

$0.4 Household & Personal Products $2.1 451%

$1.9 Retail 83% $0.3

$2.8 Food & Beverage 63% $1.0

$0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 Q3 2015 Q3 2016

Source: S&P Capital IQ (includes all closed deals with disclosed deal value between $10 million and $1 billion and excludes specialized consumer services transactions, as defined by S&P Capital IQ).

HYDE PARK CAPITAL 7 Investment Banking | Mergers & Acquisitions | Capital Raising Private Equity Activity – Consumer & Retail

Commentary Select Private Equity Transactions (Q3 2016)

($ in millions) Enterprise  Financial sponsors were active investors across many sectors of Announced Date Target Buyer Industry Value the Consumer & Retail industry in Q3 2016, as shown in the table 09/28/16 Cosi, Inc. Milfam Restaurants $7 on the right.

09/08/16 Jimmy John's Franchise, LLC Roark Capital Group Restaurants NA  Several notable financial sponsor led transactions were

announced during Q3 2016, including The Gores Group’s 09/02/16 Wetzel's Pretzels, LLC CenterOak Partners Food & Beverage NA acquisition of Hostess Brands, LLC for over $2 billion; Apollo Global Management’s acquisition of Outerwall, Inc. for $1.5 billion; 08/29/16 Duckhorn Wine Company, Inc. TSG Consumer Partners Distillers and Vintners NA and Roark Capital’s proposed purchase of Jimmy John’s Franchise, Apparel, Accessories & 08/23/16 Badger Sportswear, Inc. CCMP Capital Advisors, LP NA LLC. Footwear

Sentinel Capital Partners / 08/23/16 Quick Weight Loss Centers, LLC Retail NA  During Q3 2016, financial sponsors were most active in the Food & Skyline Global Partners Beverage and Restaurants sectors, announcing 10 and 8 deals, respectively. 08/17/16 FSI Cube and Pellet, LLC IAF Ventures Food & Beverage NA

08/09/16 Designers Choice Cabinetry, Inc. Gridiron Capital Household & Personal Products NA Financial Sponsors Industry Transactions

08/04/16 TerraVia Holdings, Inc. Tengram Capital Partners Household & Personal Products $25

12 Apparel, Accessories & 08/01/16 5.11, Inc. Compass Diversified Holdings $400 Footwear

07/25/16 Original ChopShop Co. Hargett Hunter Capital Partners Restaurants NA

9

07/25/16 Outerwall, Inc. Apollo Global Management Retail $1,452

6 New Century Snacks 07/20/16 Insignia Capital Group, LLC Food & Beverage NA and Snak Club

07/19/16 Becoming Mom II, LLC 4X Holdings Retail $1

3 Total Transaction Volume Transaction Total

07/15/16 Taylor Maid Farms Coffee & Tea, Inc. InHouse Ventures Food & Beverage NA

0 07/05/16 Hostess Brands, LLC Gores Holdings, Inc. Food & Beverage $2,198 Household & Restaurants Food & Beverage Retail Apparel, Personal Products Accessories & Footwear Source: S&P Capital IQ

HYDE PARK CAPITAL 8 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Recent Stock Price Performance

Commentary Specialty Retail

 The charts on the following pages detail the recent stock price 120% performance by sector for the leading public companies within the Consumer & Retail industry for the trailing 12-month period ended September 30, 2016. The shaded section is the most recent 3-month 110% 12.7% period (Q3) for each sector index relative to the S&P 500.

1.4%  The sectors in the Consumer and Retail industry had mixed results 100% during the 12-month period ended September 30, 2016. The Personal 0.9% Care Products and Packaged Foods sectors increased the most, rising 22.7% and 20.0%, respectively. The Department Store Retail sector 90% had the largest decline, falling 22.9%.

 Only four sectors increased during Q3 2016, led by Department Store 80% Retail and Personal Care Products, increasing 9.9% and 3.5% Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 respectively. Food Retail had the worst performance during Q3 2016, S&P 500 Specialty Retail Index - Large/Mid Cap Specialty Retail Index - Small/Micro Cap decreasing 8.1%. Department Store Retail Discount Stores & Mass Merchants

120% 120%

110% 12.7% 12.7%

110% 100%

6.7% 90% 100%

80%

22.9% 90% 70%

60% 80% Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16

S&P 500 Department Store Retail Index S&P 500 Discount Stores & Mass Merchants Index

Source: S&P Capital IQ

HYDE PARK CAPITAL 9 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Recent Stock Price Performance

Apparel, Accessories & Footwear Retail Apparel, Accessories & Footwear

120% 120%

12.7% 110% 110% 12.7%

100% 100% 0 .7% 7.7% 90% 90%

11.4% 13.2% 80% 80%

70% 70% Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 S&P 500 S&P 500 Apparel, Accessories & Footwear Retail Index - Large/Mid Cap Apparel, Accessories & Footwear Index - Large/Mid Cap Apparel, Accessories & Footwear Retail Index - Small/Micro Cap Apparel, Accessories & Footwear Index - Small/Micro Cap Furniture & Furnishings Retail Furniture & Furnishings Manufacturers

120% 120%

12.7% 110% 110% 12.7%

100%

100% 8.5% 90% 3.7%

90% 80%

80% 70% Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16

S&P 500 Furniture & Furnishings Retail S&P 500 Furniture & Furnishings Manufacturers

Source: S&P Capital IQ

HYDE PARK CAPITAL 10 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Recent Stock Price Performance

Personal Care Products Household Products

130% 130%

22.7% 120% 120% 17.9%

12.7% 110% 110% 12.7%

100% 100%

90% 90% Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16

S&P 500 Personal Care Products Index S&P 500 Household Products Index

Recreational & Leisure Products Restaurants

120% 120%

12.7% 12.7% 110% 110%

7.8% 3.1% 100%

100%

90%

16.5% 90% 80%

80% 70% Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16

S&P 500 Recreational & Leisure Products Index S&P 500 Restaurants Index - Large/Mid Cap Restaurants Index - Small/Micro Cap

Source: S&P Capital IQ

HYDE PARK CAPITAL 11 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Recent Stock Price Performance

Packaged Foods Beverages

130% 120%

14.6%

120% 20.0% 110% 12.7%

12.7% 110% 100%

100% 90%

90% 80% Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16

S&P 500 Packaged Foods Index S&P 500 Beverages Index

Food Retail

120%

12.7% 110%

100%

2.7%

90%

80% Sep-15 Dec-15 Mar-16 Jun-16 Sep-16

S&P 500 Food Retail Index Source: S&P Capital IQ

HYDE PARK CAPITAL 12 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Public Company Analysis

Specialty Retail

($ in millions, except per share)

Large & Mid Cap

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA The Home Depot, Inc. HD $128.68 92.6% $161,815 $178,740 $92,033 $31,439 $14,566 34.2% 15.8% 1.9x 12.3x CVS Caremark Corp. CVS $88.99 83.4% $96,999 $121,474 $172,701 $28,567 $12,839 16.5% 7.4% 0.7x 9.5x Walgreens Boots Alliance, Inc. WBA $80.62 84.2% $87,964 $97,554 $117,351 $29,874 $7,948 25.5% 6.8% 0.8x 12.3x Lowe's Companies, Inc. LOW $72.21 86.3% $65,278 $79,042 $61,090 $21,204 $7,553 34.7% 12.4% 1.3x 10.5x Best Buy Co., Inc. BBY $38.18 94.1% $12,798 $10,592 $39,418 $9,268 $2,404 23.5% 6.1% 0.3x 4.4x Tiffany & Co. TIF $72.63 86.3% $9,246 $9,635 $3,975 $2,452 $945 61.7% 23.8% 2.4x 10.2x Tractor Supply Co. TSCO $67.35 69.3% $9,076 $9,344 $6,510 $2,240 $809 34.4% 12.4% 1.4x 11.6x Cabela's, Inc. CAB $54.93 99.7% $3,819 $8,512 $4,129 $1,742 $486 42.2% 11.8% 2.1x 17.5x Dick's Sporting Goods, Inc. DKS $56.72 91.6% $6,464 $6,509 $7,511 $2,254 $730 30.0% 9.7% 0.9x 8.9x Staples, Inc. SPLS $8.55 63.3% $5,519 $5,974 $20,714 $5,389 $1,356 26.0% 6.5% 0.3x 4.4x Office Depot, Inc. ODP $7.10 75.5% $3,941 $4,381 $14,485 $3,502 $674 24.2% 4.7% 0.3x 6.5x GNC Holdings, Inc. GNC $20.42 47.4% $1,474 $2,986 $2,555 $918 $415 35.9% 16.2% 1.2x 7.2x Fossil, Inc. FOSL $27.77 47.7% $1,339 $1,841 $3,109 $1,647 $311 53.0% 10.0% 0.6x 5.9x Conns, Inc. CONN $10.32 36.9% $333 $1,500 $1,639 $312 $3 19.0% 0.2% 0.9x 464.6x*

Average 75.6% $33,290 $38,434 $39,087 $10,058 $4,508 32.9% 10.3% 1.1x 9.3x Median 83.8% $7,770 $8,928 $10,998 $2,977 $1,410 32.1% 7.3% 0.9x 9.5x

Source: S&P Capital IQ. * Excluded from the average and median calculation.

HYDE PARK CAPITAL 13 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Public Company Analysis

Specialty Retail

($ in millions, except per share)

Small & Micro Cap

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Barnes & Noble, Inc. BKS $11.30 81.4% $839 $889 $4,099 $1,305 $154 31.8% 3.8% 0.2x 5.8x Hibbett Sports, Inc. HIBB $39.90 95.1% $919 $877 $963 $341 $130 35.4% 13.5% 0.9x 6.8x Vitamin Shoppe, Inc. VSI $26.85 78.0% $678 $801 $1,278 $535 $126 41.9% 9.9% 0.6x 6.4x Marinemax, Inc. HZO $20.95 95.1% $520 $648 $942 $226 $48 24.0% 5.1% 0.7x 14.1x* Regis Corp. RGS $12.55 69.2% $589 $560 $1,772 $555 $87 31.3% 4.9% 0.3x 6.5x Lumber Liquidators Holdings, Inc. LL $19.67 90.5% $533 $545 $950 $277 ($82) 29.2% (8.7%) 0.6x NM Big 5 Sporting Goods Corp. BGFV $13.62 93.0% $297 $352 $1,021 $318 $40 31.2% 3.9% 0.3x 8.7x Movado Group, Inc. MOV $21.48 69.3% $500 $332 $571 $307 $73 53.7% 12.7% 0.6x 4.6x Build-A-Bear Workshop, Inc. BBW $10.36 53.3% $166 $154 $373 $178 $26 47.6% 7.1% 0.4x 5.9x

Average 80.6% $560 $573 $1,330 $449 $149 36.2% 5.8% 0.5x 6.4x Median 81.4% $533 $560 $963 $318 $73 31.8% 4.4% 0.6x 6.4x

Source: S&P Capital IQ. * Excluded from the average and median calculation.

HYDE PARK CAPITAL 14 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Public Company Analysis

Department Store Retail

($ in millions, except per share) Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Macy's, Inc. M $37.05 70.6% $11,758 $18,918 $26,380 $10,310 $3,172 39.1% 12.0% 0.7x 6.0x Kohl's Corp. KSS $43.75 84.0% $8,159 $12,287 $18,968 $6,817 $2,392 35.9% 12.6% 0.6x 5.1x Nordstrom, Inc. JWN $51.88 68.6% $9,370 $11,331 $14,421 $5,045 $1,480 35.0% 10.3% 0.8x 7.7x J. C. Penney Co., Inc. JCP $9.22 76.9% $2,829 $6,953 $12,622 $4,547 $745 36.0% 5.9% 0.6x 9.3x Sears Holdings Corp. SHLD $11.46 43.4% $1,223 $4,651 $24,110 $5,538 ($1,065) 23.0% (4.4%) 0.2x NM Dillard's, Inc. DDS $63.01 66.9% $2,283 $3,004 $6,618 $2,316 $634 35.0% 9.6% 0.5x 4.7x Bon-Ton Stores, Inc. BONT $1.71 40.7% $34 $961 $2,758 $1,003 $109 36.4% 4.0% 0.3x 8.8x Stage Stores, Inc. SSI $5.61 49.5% $161 $338 $1,525 $370 $58 24.3% 3.8% 0.2x 5.8x

Average 62.6% $4,477 $7,305 $13,425 $4,493 $941 33.1% 6.7% 0.5x 6.8x Median 67.8% $2,556 $5,802 $13,522 $4,796 $689 35.5% 7.7% 0.5x 6.0x

Discount Stores & Mass Merchants

($ in millions, except per share) Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Wal-Mart Stores, Inc. WMT $72.12 95.9% $228,368 $271,419 $483,833 $123,359 $33,497 25.5% 6.9% 0.6x 8.1x Costco Wholesale Corp. COST $152.51 89.9% $67,297 $68,356 $118,719 $15,818 $4,927 13.3% 4.2% 0.6x 13.9x Target Corp. TGT $68.68 81.6% $41,806 $53,036 $71,603 $21,282 $7,337 29.7% 10.2% 0.7x 7.2x Dollar Tree, Inc. DLTR $78.93 79.0% $18,679 $24,883 $20,393 $7,202 $2,239 35.3% 11.0% 1.2x 11.1x Dollar General Corp. DG $69.99 72.2% $20,180 $23,053 $21,011 $6,514 $2,403 31.0% 11.4% 1.1x 9.6x Big Lots, Inc. BIG $47.75 84.8% $2,301 $2,500 $5,216 $2,091 $380 40.1% 7.3% 0.5x 6.6x PriceSmart, Inc. PSMT $83.76 85.0% $2,507 $2,411 $2,905 $455 $177 15.7% 6.1% 0.8x 13.6x Fred's, Inc. FRED $9.06 52.9% $333 $432 $2,175 $545 $37 25.1% 1.7% 0.2x 11.7x Tuesday Morning Corp. TUES $5.98 64.8% $262 $280 $966 $346 $16 35.9% 1.7% 0.3x 17.4x Gordmans Stores, Inc. GMAN $0.88 22.4% $17 $71 $642 $266 $6 41.4% 1.0% 0.1x 11.1x

Average 72.9% $38,175 $44,644 $72,746 $17,788 $5,102 29.3% 6.1% 0.6x 11.0x Median 80.3% $10,593 $12,777 $12,804 $4,302 $1,310 30.4% 6.5% 0.6x 11.1x

Source: S&P Capital IQ.

HYDE PARK CAPITAL 15 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Public Company Analysis

Apparel, Accessories & Footwear Retail

($ in millions, except per share)

Large & Mid Cap

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA The TJX Companies, Inc. TJX $74.78 89.4% $50,352 $49,743 $32,140 $9,310 $4,435 29.0% 13.8% 1.5x 11.2x L Brands, Inc. LB $70.77 70.0% $20,806 $25,253 $12,381 $5,809 $2,662 46.9% 21.5% 2.0x 9.5x Ross Stores, Inc. ROST $64.30 97.0% $25,740 $25,208 $12,303 $3,959 $1,980 32.2% 16.1% 2.0x 12.7x Gap, Inc. GPS $22.24 72.9% $8,940 $9,004 $15,531 $5,575 $2,078 35.9% 13.4% 0.6x 4.3x Foot Locker, Inc. FL $67.72 93.5% $9,362 $8,546 $7,568 $3,342 $1,119 44.2% 14.8% 1.1x 7.6x Lululemon Athletica, Inc. LULU $60.98 74.5% $8,432 $7,897 $2,194 $1,073 $444 48.9% 20.2% 3.6x 17.8x* Urban Outfitters, Inc. URBN $34.52 91.3% $4,118 $3,866 $3,492 $1,249 $511 35.8% 14.6% 1.1x 7.6x American Eagle Outfitters, Inc. AEO $17.86 91.4% $3,383 $3,135 $3,597 $1,356 $507 37.7% 14.1% 0.9x 6.2x Tailored Brand, Inc. TLRD $15.70 35.1% $761 $2,364 $3,430 $1,463 $338 42.7% 9.8% 0.7x 7.0x Ascena Retail Group, Inc. ASNA $5.59 37.9% $1,074 $2,349 $6,995 $4,056 $677 58.0% 9.7% 0.3x 3.5x Chico's FAS, Inc. CHS $11.90 76.1% $1,587 $1,523 $2,537 $1,373 $245 54.1% 9.7% 0.6x 6.2x The Children’s Place Retail Stores, Inc. PLCE $79.87 88.7% $1,585 $1,383 $1,745 $647 $179 37.1% 10.3% 0.8x 7.7x Genesco, Inc. GCO $54.46 73.4% $1,169 $1,266 $2,980 $1,441 $238 48.4% 8.0% 0.4x 5.3x

Average 76.3% $10,562 $10,887 $6,566 $2,568 $945 42.4% 13.5% 1.2x 7.4x Median 76.1% $4,118 $3,866 $3,488 $1,537 $423 42.7% 13.8% 0.9x 7.3x

Source: S&P Capital IQ. * Excluded from the average and median calculation.

HYDE PARK CAPITAL 16 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Public Company Analysis

Apparel, Accessories & Footwear Retail

($ in millions, except per share)

Small & Micro Cap

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Abercrombie & Fitch Co. ANF $15.89 48.4% $1,089 $976 $3,460 $2,139 $307 61.8% 8.9% 0.3x 3.2x Buckle, Inc. BKE $24.03 62.7% $1,159 $952 $1,068 $519 $233 48.6% 21.8% 0.9x 4.1x Express, Inc. EXPR $11.79 54.7% $964 $913 $2,320 $999 $265 43.0% 11.4% 0.4x 3.4x Finish Line, Inc. FINL $23.08 94.1% $988 $874 $1,925 $725 $116 37.6% 6.0% 0.5x 7.5x Guess?, Inc. GES $14.61 62.3% $1,225 $852 $2,173 $752 $160 34.6% 7.4% 0.4x 5.3x Cato Corp. CATO $32.89 81.2% $897 $591 $1,003 $390 $112 38.9% 11.1% 0.6x 5.3x Shoe Carnival, Inc. SCVL $26.66 88.5% $504 $462 $996 $292 $70 29.4% 7.0% 0.5x 6.6x Stein Mart, Inc. SMRT $6.35 65.9% $294 $449 $1,370 $386 $74 28.2% 5.4% 0.3x 6.1x Zumiez, Inc. ZUMZ $18.00 81.3% $462 $410 $798 $260 $66 32.6% 8.2% 0.5x 6.2x Stage Stores, Inc. SSI $5.61 49.5% $161 $340 $1,525 $370 $58 24.3% 3.8% 0.2x 5.9x Casual Male Retail Group, Inc. DXLG $4.33 69.3% $214 $271 $449 $206 $27 45.9% 5.9% 0.6x 10.2x* Citi Trends CTRN $19.93 71.8% $295 $218 $684 $265 $38 38.7% 5.5% 0.3x 5.8x Destination Maternity Corp. DEST $7.09 69.2% $97 $137 $469 $241 $23 51.4% 4.9% 0.3x 6.0x New York & Company, Inc. NWY $2.26 54.5% $143 $92 $940 $359 $26 38.2% 2.7% 0.1x 3.6x

Average 68.1% $606 $538 $1,370 $565 $112 39.5% 6.1% 0.4x 5.3x Median 67.6% $483 $456 $1,035 $378 $72 38.5% 6.5% 0.4x 5.8x

Source: S&P Capital IQ. * Excluded from the average and median calculation.

HYDE PARK CAPITAL 17 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Public Company Analysis

Apparel, Accessories & Footwear

($ in millions, except per share)

Large & Mid Cap

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Nike, Inc. NKE $52.65 77.2% $91,142 $88,543 $33,023 $15,099 $4,987 45.7% 15.1% 2.7x 17.8x V.F. Corp. VFC $56.05 75.9% $24,027 $26,098 $12,410 $5,980 $2,018 48.2% 16.3% 2.1x 12.9x Under Armour, Inc. UA $38.68 73.9% $17,162 $18,055 $4,691 $2,219 $572 47.3% 12.2% 3.8x 31.7x* Hanesbrands, Inc. HBI $25.25 76.0% $9,932 $13,310 $5,692 $2,159 $963 37.9% 16.9% 2.3x 13.8x PVH Corp. PVH $110.50 98.7% $9,083 $11,719 $8,128 $4,215 $1,049 51.9% 12.9% 1.4x 11.2x Coach, Inc. COH $36.56 83.6% $10,211 $9,554 $4,492 $3,052 $865 68.0% 19.3% 2.1x 11.0x Polo Ralph Lauren Corp. RL $101.14 73.6% $8,582 $8,502 $7,339 $4,187 $1,061 57.1% 14.5% 1.2x 8.0x Michael Kors Holdings, Inc. KORS $46.79 78.7% $8,572 $8,486 $4,714 $2,785 $1,328 59.1% 28.2% 1.8x 6.4x Gildan Activewear, Inc. TSX:GIL $27.92 86.3% $6,780 $7,436 $2,500 $702 $512 28.1% 20.5% 3.0x 14.5x Carter's, Inc. CRI $86.71 77.0% $4,475 $4,915 $3,080 $1,304 $473 42.3% 15.4% 1.6x 10.4x Columbia Sportswear Co. COLM $56.74 86.0% $4,006 $3,822 $2,359 $1,090 $305 46.2% 12.9% 1.6x 12.5x Skechers USA, Inc. SKX $22.90 46.5% $3,547 $3,035 $3,535 $1,621 $464 45.9% 13.1% 0.9x 6.5x Wolverine World Wide, Inc. WWW $23.03 90.2% $2,218 $2,748 $2,516 $972 $252 38.6% 10.0% 1.1x 10.9x Kate Spade & Co. KATE $17.13 64.7% $2,208 $2,294 $1,300 $788 $193 60.6% 14.9% 1.8x 11.9x DSW, Inc. DSW $44.21 79.1% $2,428 $2,262 $1,979 $643 $275 32.5% 13.9% 1.1x 8.2x Deckers Outdoor Corp. DECK $59.55 85.1% $1,945 $2,145 $1,835 $841 $236 45.8% 12.9% 1.2x 9.1x Steven Madden, Ltd. SHOO $34.56 89.2% $2,068 $1,885 $1,407 $516 $191 36.7% 13.6% 1.3x 9.8x Fossil, Inc. FOSL $27.77 47.7% $1,339 $1,841 $3,109 $1,647 $311 53.0% 10.0% 0.6x 5.9x G-III Apparel Group, Ltd. GIII $29.15 42.1% $1,366 $1,321 $2,337 $837 $184 35.8% 7.9% 0.6x 7.2x Oxford Industries, Inc. OXM $67.70 86.8% $1,124 $1,222 $997 $567 $138 56.8% 13.9% 1.2x 8.8x Caleres, Inc. CAL $25.29 79.0% $1,078 $1,110 $2,545 $1,044 $173 41.0% 6.8% 0.4x 6.4x

Average 76.1% $10,157 $10,491 $5,238 $2,489 $788 46.6% 14.3% 1.6x 10.2x Median 78.7% $4,006 $3,822 $3,080 $1,304 $464 45.9% 13.9% 1.4x 10.1x

Source: S&P Capital IQ. * Excluded from the average and median calculation.

HYDE PARK CAPITAL 18 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Public Company Analysis

Apparel, Accessories & Footwear

($ in millions, except per share)

Small & Micro Cap

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA CROCS, Inc. CROX $8.30 66.2% $611 $648 $1,086 $493 $10 45.4% 0.9% 0.6x 64.2x* Vera Bradley, Inc. VRA $15.15 73.2% $572 $474 $505 $291 $82 57.6% 16.2% 0.9x 5.8x Perry Ellis International, Inc. PERY $19.28 84.9% $289 $357 $883 $322 $42 36.5% 4.7% 0.4x 8.5x Weyco Group, Inc. WEYS $26.87 92.1% $289 $288 $314 $118 $30 37.5% 9.4% 0.9x 9.7x Rocky Brands, Inc. RCKY $10.57 66.1% $80 $107 $259 $77 $9 29.8% 3.4% 0.4x 12.2x Summer Infant, Inc. SUMR $2.16 88.5% $40 $89 $201 $63 $9 31.4% 4.4% 0.4x 10.0x

Average 78.5% $313 $327 $541 $227 $92 39.7% 6.5% 0.6x 9.2x Median 79.1% $289 $322 $410 $204 $28 37.0% 4.6% 0.5x 9.7x

Source: S&P Capital IQ. * Excluded from the average and median calculation.

HYDE PARK CAPITAL 19 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Public Company Analysis

Furniture & Furnishings Retail

($ in millions, except per share) Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA The Sherwin-Williams Co. SHW $276.66 88.5% $29,771 $30,593 $11,550 $5,794 $1,947 50.2% 16.9% 2.6x* 15.7x* Bed Bath & Beyond, Inc. BBBY $43.11 70.1% $10,977 $10,399 $12,096 $4,576 $1,574 37.8% 13.0% 0.9x 6.6x Williams-Sonoma, Inc. WSM $51.08 64.2% $5,563 $5,461 $5,075 $1,862 $663 36.7% 13.1% 1.1x 8.2x Aaron's, Inc. AAN $25.42 62.3% $2,075 $1,873 $3,233 $1,617 $451 50.0% 13.9% 0.6x 4.2x Rent-A-Center, Inc. RCII $12.64 48.1% $815 $1,388 $3,171 $2,085 $282 65.8% 8.9% 0.4x 4.9x La-Z-Boy, Inc. LZB $24.56 78.7% $1,284 $1,197 $1,525 $591 $152 38.8% 10.0% 0.8x 7.9x Select Comfort Corp. SCSS $21.60 76.2% $1,199 $1,197 $1,218 $735 $94 60.3% 7.7% 1.0x 12.7x* Ethan Allen Interiors, Inc. ETH $31.27 85.0% $906 $1,018 $794 $442 $109 55.7% 13.7% 1.3x 9.4x Pier 1 Imports, Inc. PIR $4.24 51.6% $501 $472 $1,845 $970 $100 52.6% 5.4% 0.3x 4.7x Haverty Furniture Companies, Inc. HVT $20.04 81.7% $440 $399 $815 $436 $71 53.5% 8.7% 0.5x 5.6x Lifetime Brands, Inc. LCUT $13.46 75.6% $170 $244 $578 $210 $37 36.2% 6.4% 0.4x 6.6x Bassett Furinture Industries, Inc. BSET $23.25 69.0% $268 $227 $434 $262 $38 60.5% 8.7% 0.5x 6.0x Kirkland's, Inc. KIRK $12.18 50.0% $251 $221 $581 $272 $45 46.8% 7.8% 0.4x 4.9x

Average 69.3% $4,171 $4,207 $3,301 $1,527 $428 49.6% 10.3% 0.7x 6.3x Median 70.1% $906 $1,197 $1,525 $735 $109 50.2% 8.9% 0.6x 6.0x

Furniture & Furnishings Manufacturers

($ in millions, except per share) Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Leggett & Platt, Inc. LEG $45.58 83.4% $6,445 $7,210 $3,851 $942 $610 24.5% 15.8% 1.9x 11.8x Tempur Pedic International, Inc. TPX $56.74 68.7% $3,535 $5,084 $3,173 $1,303 $467 41.1% 14.7% 1.6x 10.9x HNI Corp. HNI $39.80 69.9% $1,803 $2,049 $2,250 $856 $251 38.1% 11.2% 0.9x 8.2x Herman Miller, Inc. MLHR $28.60 78.4% $1,733 $1,920 $2,298 $887 $266 38.6% 11.6% 0.8x 7.2x Steelcase, Inc. SCS $13.89 68.2% $1,681 $1,781 $3,012 $990 $254 32.9% 8.4% 0.6x 7.0x Knoll, Inc. KNL $22.85 85.4% $1,108 $1,313 $1,149 $437 $149 38.1% 12.9% 1.1x 8.8x Libbey, Inc. LBY $17.85 49.9% $393 $772 $814 $188 $119 23.1% 14.6% 0.9x 6.5x

Average 72.0% $2,385 $2,876 $2,364 $801 $302 33.7% 12.7% 1.1x 8.6x Median 69.9% $1,733 $1,920 $2,298 $887 $254 38.1% 12.9% 0.9x 8.2x

Source: S&P Capital IQ. * Excluded from the average and median calculation.

HYDE PARK CAPITAL 20 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Public Company Analysis

Personal Care Products

($ in millions, except per share) Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Procter & Gamble Co. PG $89.75 99.5% $255,285 $274,215 $65,299 $33,108 $17,439 50.7% 26.7% 4.2x 15.7x Kimberly-Clark Corp. KMB $126.14 90.8% $45,928 $53,241 $18,321 $6,634 $4,060 36.2% 22.2% 2.9x 13.1x Estee Lauder Companies, Inc. EL $88.56 90.8% $33,352 $34,208 $11,262 $9,081 $2,167 80.6% 19.2% 3.0x 15.8x Ulta Salon, Cosmetics & Fragrance, Inc. ULTA $237.98 85.4% $15,128 $14,823 $4,322 $1,550 $757 35.9% 17.5% 3.4x 19.6x Herbalife, Ltd. HLF $61.99 85.8% $5,322 $5,812 $4,523 $2,404 $551 53.1% 12.2% 1.3x 10.6x Sally Beauty Holdings, Inc. SBH $25.68 78.0% $3,882 $5,575 $3,940 $1,957 $618 49.7% 15.7% 1.4x 9.0x Avon Products, Inc. AVP $5.66 94.9% $2,467 $4,362 $5,784 $3,479 $403 60.1% 7.0% 0.8x 10.8x Nu Skin Enterprises, Inc. NUS $64.78 99.4% $3,709 $3,612 $2,216 $1,707 $296 77.0% 13.3% 1.6x 12.2x Revlon, Inc. REV $36.78 96.8% $1,935 $3,557 $1,922 $1,233 $311 64.2% 16.2% 1.9x 11.4x USANA Health Sciences, Inc. USNA $138.35 96.8% $1,779 $1,667 $965 $795 $156 82.4% 16.2% 1.7x 10.7x Inter Parfums, Inc. IPAR $32.27 92.0% $1,004 $975 $486 $273 $70 56.2% 14.5% 2.0x 13.9x Medifast, Inc. MED $37.79 96.5% $451 $371 $271 $201 $38 74.2% 14.2% 1.4x 9.7x Nature's Sunshine Products, Inc. NATR $16.00 99.7% $305 $268 $331 $244 $20 73.6% 6.1% 0.8x 13.2x

Average 92.8% $28,504 $30,976 $9,203 $4,820 $2,068 61.1% 15.5% 2.0x 12.7x Median 94.9% $3,709 $4,362 $3,940 $1,707 $403 60.1% 15.7% 1.7x 12.2x

Household Products

($ in millions, except per share) Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Newell Rubbermaid, Inc. NWL $52.66 95.0% $19,364 $31,477 $10,689 $3,948 $1,823 36.9% 17.1% 2.9x 17.3x Stanley Black & Decker, Inc. SWK $122.98 98.6% $18,329 $22,222 $11,279 $4,148 $1,911 36.8% 16.9% 2.0x 11.6x Clorox Corp. CLX $125.18 89.1% $16,519 $18,518 $5,814 $2,613 $1,198 44.9% 20.6% 3.2x 15.5x Whirlpool Corp. WHR $162.16 83.5% $12,603 $17,930 $20,622 $3,671 $2,176 17.8% 10.6% 0.9x 8.2x Snap-on, Inc. SNA $151.96 87.1% $9,005 $9,795 $3,640 $1,851 $884 50.9% 24.3% 2.7x 11.1x Toro Co. TTC $46.84 94.6% $5,255 $5,335 $2,405 $871 $390 36.2% 16.2% 2.2x 13.7x Tupperware Brands Corp. TUP $65.37 97.7% $3,314 $4,023 $2,204 $1,495 $372 67.8% 16.9% 1.8x 10.8x Prestige Brands Holdings, Inc. PBH $48.27 83.1% $2,572 $4,021 $833 $482 $296 57.9% 35.6% 4.8x 13.6x Central Garden & Pet Co. CENT $26.00 93.2% $1,315 $1,672 $1,802 $541 $165 30.0% 9.1% 0.9x 10.1x

Average 91.3% $9,808 $12,777 $6,587 $2,180 $1,024 42.1% 18.6% 2.4x 12.4x Median 93.2% $9,005 $9,795 $3,640 $1,851 $884 36.9% 16.9% 2.2x 11.6x

Source: S&P Capital IQ.

HYDE PARK CAPITAL 21 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Public Company Analysis

Recreational & Leisure Products

($ in millions, except per share) Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Harley-Davidson, Inc. HOG $52.59 91.7% $9,991 $16,601 $6,109 $2,187 $1,298 35.8% 21.2% 2.7x 12.8x Mattel, Inc. MAT $30.28 87.1% $10,317 $12,152 $5,618 $2,705 $868 48.2% 15.5% 2.2x 14.0x Hasbro, Inc. HAS $79.33 89.6% $10,067 $10,709 $4,646 $2,463 $886 53.0% 19.1% 2.3x 12.1x Polaris Industries, Inc. PII $77.44 62.3% $5,135 $5,457 $4,752 $1,335 $754 28.1% 15.9% 1.1x 7.2x Pool Corp. POOL $94.52 91.9% $4,118 $4,598 $2,495 $716 $262 28.7% 10.5% 1.8x 17.5x Brunswick Corp. BC $48.78 87.7% $4,546 $4,505 $4,291 $1,167 $544 27.2% 12.7% 1.0x 8.3x Smith & Wesson Holding Corp. SWHC $26.59 85.3% $1,497 $1,454 $782 $323 $220 41.2% 28.2% 1.9x 6.6x Sturm, Ruger & Co., Inc. RGR $57.76 74.0% $1,115 $1,012 $614 $198 $149 32.2% 24.2% 1.6x 6.8x Callaway Golf Co. ELY $11.61 97.6% $1,057 $996 $849 $372 $54 43.8% 6.4% 1.2x 18.4x JAKKS Pacific, Inc. JAKK $8.64 88.6% $364 $486 $737 $230 $46 31.2% 6.2% 0.7x 10.7x Johnson Outdoors, Inc. JOUT $36.37 97.3% $357 $289 $444 $181 $44 40.8% 10.0% 0.7x 6.5x

Average 86.6% $4,415 $5,296 $2,849 $1,080 $466 37.3% 15.4% 1.6x 11.0x Median 88.6% $4,118 $4,505 $2,495 $716 $262 35.8% 15.5% 1.6x 10.7x

Source: S&P Capital IQ.

HYDE PARK CAPITAL 22 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Public Company Analysis

Restaurants

($ in millions, except per share)

Large & Mid Cap

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA McDonald's Corp. MCD $115.36 87.4% $101,970 $125,710 $24,934 $10,153 $9,248 40.7% 37.1% 5.0x 13.6x Starbucks Corp. SBUX $54.14 84.6% $80,855 $82,201 $20,520 $6,399 $4,640 31.2% 22.6% 4.0x 17.7x Yum! Brands, Inc. YUM $90.81 98.7% $37,981 $44,336 $12,894 $3,691 $2,995 28.6% 23.2% 3.4x 14.8x Chipotle Mexican Grill, Inc. CMG $423.50 55.9% $12,777 $12,418 $3,867 $1,164 $278 30.1% 7.2% 3.2x 26.1x* Domino's Pizza, Inc. DPZ $151.85 97.9% $7,718 $9,919 $2,394 $744 $469 31.1% 19.6% 4.1x 22.7x* Darden Restaurants, Inc. DRI $61.32 88.9% $7,889 $8,214 $6,961 $1,537 $911 22.1% 13.1% 1.2x 9.0x Dunkin' Brands Group, Inc. DNKN $52.08 99.7% $4,840 $7,010 $817 $662 $423 81.1% 51.8% 8.4x* 16.6x The Wendy's Co. WEN $10.80 94.9% $3,014 $5,257 $1,690 $709 $399 42.0% 23.6% 3.1x 13.2x Panera Bread Co. PNRA $194.72 86.9% $4,679 $5,033 $2,760 $932 $390 33.8% 14.1% 1.8x 12.9x Brinker International, Inc. EAT $50.43 91.4% $2,888 $4,300 $3,253 $607 $480 18.7% 14.8% 1.3x 9.0x Cracker Barrel Old Country Store, Inc. CBRL $132.22 76.5% $3,183 $3,454 $2,912 $978 $359 33.6% 12.3% 1.2x 9.6x Papa John's International, Inc. PZZA $78.85 95.5% $3,006 $3,321 $1,691 $417 $193 24.7% 11.4% 2.0x 17.2x Bloomin' Brands, Inc. BLMN $17.24 86.7% $2,035 $3,213 $4,297 $711 $430 16.5% 10.0% 0.7x 7.5x DineEquity, Inc. DIN $79.19 80.1% $1,446 $2,748 $651 $394 $262 60.5% 40.3% 4.2x 10.5x Texas Roadhouse, Inc. TXRH $39.03 79.7% $2,769 $2,747 $1,960 $394 $262 20.1% 13.4% 1.4x 10.5x Buffalo Wild Wings, Inc. BWLD $140.74 70.9% $2,643 $2,729 $1,983 $443 $308 22.3% 15.5% 1.4x 8.9x The Cheesecake Factory, Inc. CAKE $50.06 90.1% $2,494 $2,526 $2,199 $957 $279 43.5% 12.7% 1.1x 9.1x Jack in the Box, Inc. JACK $44.21 79.1% $2,428 $2,421 $1,979 $643 $275 32.5% 13.9% 1.2x 8.8x Sonic Corp. SONC $26.18 72.0% $1,300 $1,828 $606 $338 $168 55.7% 27.8% 3.0x 10.9x Bob Evans Farms, Inc. BOBE $38.30 79.4% $795 $1,155 $1,323 $479 $117 36.2% 8.8% 0.9x 9.9x Denny's Corp. DENN $10.69 89.9% $841 $1,083 $501 $203 $93 40.5% 18.5% 2.2x 11.7x

Average 85.1% $13,693 $15,792 $4,461 $1,434 $1,018 35.5% 19.6% 2.3x 11.6x Median 86.9% $3,006 $3,454 $1,979 $660 $359 32.5% 13.6% 1.9x 10.5x

Source: S&P Capital IQ. * Excluded from the average and median calculation.

HYDE PARK CAPITAL 23 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Public Company Analysis

Restaurants

($ in millions, except per share)

Small & Micro Cap

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA BJ's Restaurants, Inc. BJRI $35.55 74.1% $882 $966 $961 $188 $128 19.6% 13.3% 1.0x 7.5x Red Robin Gourmet Burgers, Inc. RRGB $44.94 54.4% $625 $914 $1,277 $291 $148 22.8% 11.6% 0.7x 6.2x Bojangles', Inc. BOJA $15.96 80.8% $599 $783 $521 $119 $80 22.7% 15.4% 1.5x 9.8x Biglari Holdings, Inc. BH $436.02 94.8% $539 $732 $859 $186 $57 21.7% 6.6% 0.9x 12.8x Shake Shack, Inc. SHAK $34.67 64.8% $643 $625 $225 $92 $25 40.8% 11.2% 2.8x 25.0x* Ruth's Hospitality Group, Inc. RUTH $14.12 75.2% $464 $498 $383 $103 $59 27.0% 15.3% 1.3x 8.5x Chuy's Holdings, Inc. CHUY $27.94 74.0% $471 $457 $323 $66 $41 20.5% 12.6% 1.4x 11.2x Del Frisco's Restaurant Group, Inc. DFRG $13.47 78.5% $315 $314 $347 $81 $46 23.3% 13.2% 0.9x 6.9x Ruby Tuesday, Inc. RT $2.50 37.0% $151 $306 $1,068 $179 $69 16.8% 6.4% 0.3x 4.4x

Average 70.4% $521 $622 $663 $145 $122 23.9% 9.0% 1.2x 8.4x Median 74.1% $539 $625 $521 $119 $64 22.7% 9.4% 1.0x 8.0x

Source: S&P Capital IQ. * Excluded from the average and median calculation.

HYDE PARK CAPITAL 24 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Public Company Analysis

Packaged Foods

($ in millions, except per share)

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Danone BN $74.24 93.6% $45,692 $55,194 $24,512 $12,475 $4,250 50.9% 17.3% 2.3x 13.0x General Mills, Inc. GIS $63.88 87.6% $39,039 $48,366 $16,263 $5,820 $3,341 35.8% 20.5% 3.0x 14.5x Tyson Foods, Inc. TSN $74.67 96.9% $29,719 $35,711 $38,231 $4,812 $3,710 12.6% 9.7% 0.9x 9.6x Kellogg Co. K $77.47 88.9% $27,502 $35,182 $13,134 $4,873 $2,014 37.1% 15.3% 2.7x 17.5x ConAgra Foods, Inc. CAG $47.11 96.5% $20,740 $25,034 $11,516 $3,164 $1,894 27.5% 16.4% 2.2x 13.2x The J. M. Smucker Co. SJM $135.54 86.2% $16,017 $21,259 $7,675 $2,975 $1,706 38.8% 22.2% 2.8x 12.5x Hormel Foods Corp. HRL $37.93 83.0% $20,581 $20,600 $9,296 $2,055 $1,378 22.1% 14.8% 2.2x 15.0x Campbell Soup Co. CPB $54.70 80.6% $17,012 $20,301 $7,961 $2,780 $1,460 34.9% 18.3% 2.6x 13.9x Mead Johnson Nutrition Co. MJN $79.01 83.7% $15,115 $16,467 $3,848 $2,472 $1,009 64.2% 26.2% 4.3x 16.3x McCormick & Company, Inc. MKC $99.92 92.7% $12,835 $14,330 $4,386 $1,814 $746 41.4% 17.0% 3.3x 19.2x The Hain Celestial Group, Inc. HAIN $35.58 62.4% $3,705 $4,497 $2,888 $671 $370 23.2% 12.8% 1.6x 12.2x Lancaster Colony Corp. LANC $132.09 95.9% $3,616 $3,498 $1,191 $300 $209 25.2% 17.5% 2.9x 16.8x Dean Foods Co. DF $16.40 77.5% $1,511 $2,396 $7,784 $1,998 $442 25.7% 5.7% 0.3x 5.4x J&J Snack Foods Corp. JJSF $119.12 94.8% $2,237 $2,125 $990 $307 $155 31.0% 15.6% 2.1x 13.7x Seneca Foods Corp. SENE.A $28.24 69.1% $280 $584 $1,302 $146 $117 11.3% 9.0% 0.4x 5.0x

Average 86.0% $17,040 $20,370 $10,065 $3,111 $1,520 32.1% 15.9% 2.2x 13.2x Median 87.6% $16,017 $20,301 $7,784 $2,472 $1,378 31.0% 16.4% 2.3x 13.7x

Source: S&P Capital IQ.

HYDE PARK CAPITAL 25 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Public Company Analysis

Beverage

($ in millions, except per share) Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Anheuser-Busch InBev SA/NV ABI $131.06 93.9% $218,744 $324,034 $42,305 $25,828 $15,996 61.1% 37.8% 7.7x 20.3x The Coca-Cola Co. KO $42.32 89.8% $185,658 $214,365 $43,248 $26,077 $11,987 60.3% 27.7% 5.0x 17.9x Pepsico, Inc. PEP $108.77 98.0% $158,587 $182,291 $61,869 $34,464 $12,084 55.7% 19.5% 2.9x 15.1x SABMiller plc SAB $58.53 97.9% $95,172 $107,475 $14,895 $10,406 $4,917 69.9% 33.0% 7.2x 21.9x Constellation Brands, Inc. STZ $166.49 98.7% $33,382 $41,022 $7,077 $3,349 $2,373 47.3% 33.5% 5.8x 17.3x Monster Beverage Corp. MNST $146.81 88.2% $30,325 $27,405 $2,910 $1,810 $1,141 62.2% 39.2% 9.4x 24.0x Molson Coors Brewing Co. TAP $109.80 98.7% $21,757 $24,373 $3,505 $1,414 $633 40.3% 18.1% 7.0x 38.5x Dr Pepper Snapple Group, Inc. DPS $91.31 92.4% $17,303 $19,313 $6,358 $3,803 $1,612 59.8% 25.4% 3.0x 12.0x Cott Corp. BCB $14.22 82.4% $1,627 $3,573 $2,918 $920 $339 31.5% 11.6% 1.2x 10.5x

Average 93.3% $84,728 $104,872 $20,565 $12,008 $5,676 54.2% 27.3% 5.5x 19.7x Median 93.9% $33,382 $41,022 $7,077 $3,803 $2,373 59.8% 27.7% 5.8x 17.9x

Food Retailers

($ in millions, except per share) Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Costco Wholesale Corp. COST $152.51 89.9% $67,297 $67,982 $118,719 $15,818 $4,801 13.3% 4.0% 0.6x 14.2x The Kroger Co. KR $29.68 69.4% $28,864 $40,990 $112,409 $26,051 $5,873 23.2% 5.2% 0.4x 7.0x George Weston, Ltd. WN $83.38 91.1% $10,694 $24,415 $36,846 $10,529 $2,750 28.6% 7.5% 0.7x 8.9x Whole Foods Market, Inc. WFM $28.35 79.7% $9,529 $9,956 $15,665 $5,403 $1,367 34.5% 8.7% 0.6x 7.3x Casey's General Stores, Inc. CASY $120.15 88.2% $4,744 $5,442 $6,226 $1,652 $571 26.5% 9.2% 0.9x 9.5x SUPERVALU, Inc. SVU $4.99 63.6% $1,336 $3,776 $17,318 $2,617 $760 15.1% 4.4% 0.2x 5.0x Weis Markets, Inc. WMK $53.00 95.5% $1,426 $1,313 $2,915 $802 $173 27.5% 5.9% 0.5x 7.6x Village Super Market, Inc. VLGE.A $32.01 97.0% $445 $409 $1,603 $437 $65 27.3% 4.0% 0.3x 6.3x

Average 84.3% $15,542 $19,286 $38,963 $7,914 $2,045 24.5% 6.1% 0.5x 8.2x Median 89.0% $7,137 $7,699 $16,492 $4,010 $1,064 26.9% 5.6% 0.5x 7.4x

Source: S&P Capital IQ.

HYDE PARK CAPITAL 26 Investment Banking | Mergers & Acquisitions | Capital Raising HYDE PARK CAPITAL Integrity | Expertise | Results Investment Banking | Mergers & Acquisitions | Capital Raising

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